All -
Can anyone shed some light on Guggenheim's reputation in the structured credit space (CLO/ABS/CDO, etc), whether it be NY or Santa Monica Office. Haven't seen much on this site about it, whether its the IB function or the investments side. Culture/Exit Opps/Rep?
Thanks.
Two totally different groups that aren’t related in the slightest. SPO - Guggenheim securities structured products origination platform - sell-side group that helps issuers execute structured finance transactions. They are big in esoteric ABS - things like whole business securitizations, etc. I’m not in the structured finance space anymore but they used to bring a lot of interesting deals and did a ton of volume for said esoterics. They aren’t as big in on-the-run securitizations like cards/autos (that space is dominated by the big BBs) and from what I can remember they didn’t bring a ton of CLO managers to market either. On the investments side in Santa Monica, Scott Minerd (Guggenheim CIO) is considered one of the top minds in fixed income investing. They run a large securitized book, as well as corporate bonds, munis, all kinds of fixed income etc. They are on par with PIMCO, Doubleline, and Western Asset Management. Pretty sure most of their bond funds are 5-star rated from Morningstar.
Thanks for the comprehensive reply. Figured there was a difference between the NY and LA groups but couldn't put a finger to it, guess I was just thinking of the CLO universe and not ABS. Are most people working in the LA office coming from CLO arrangers or syndicate desks at BBs? Where do people go after working at a shop like this? (from your experience of course, as you aren't in that area anymore). Thanks again.
Not sure where most of the employees from the LA office are coming from as there's really not a one-sized fits all background for an AM that large. Going to go out on a limb and say that most come from other asset managers/buyside, some from banking, some from S&T. Out of of LA, they hire undergrads as well as experienced professionals. Guggenheim Investments also has a CLO issuing team, but I am not as familiar with them as their CLO platform isn't as large as some of the big managers. I think they do both broadly syndicated and MM.
Again, I don't think there's a clear answer to this. For most people who are interested in investing, I think ending up at a place like Guggenheim Investments is the end goal. They are one of the best at what they do. However, if you're a more junior person, I'm assuming you will be able lateral to other top buyside fixed income opportunities. If you're on the CLO team, you should be able to easily lateral to most other CLO managers or credit funds. Once again, there isn't as much clarity here because turnover in AM is much lower than banking/S&T.
This is exactly what I wanted to know, thank you. Working at a CLO manager for the summer so I know what to look for now. Cheers.
Did not come across this wound
Hi there, got a friend working at a lower BB’s ABS team. Do you know what exit opps exist in general or specifically to that team ? No modeling on the job.
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